Provincial Housing Market Set Up for Very Strong 2021
Posted on Jan 25, 2021 in Market Update
The British Columbia Real Estate Association (BCREA) released its 2021 First Quarter Housing Forecast Update today.Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 15.6 per cent to 108,680 units this year, after recording 94,021 sales in 2020. In 2022, MLS® residential sales are forecast to pull back 9 per cen...
Bank of Canada Interest Rate Announcement
Posted on Jan 20, 2021 in Mortgage News
The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent tar...Real Estate in Vancouver - 2020 in Review
Posted on Jan 19, 2021 in Market Update
A Year Like No Other
Taking a look back on 2020, it’s quite remarkable that we ended the year with as many transactions as we did. In early 2020 the market stalled as the pandemic took centre stage.However, as the year progressed we’ve seen a huge uptake in the number of transactions, driven by people’s desire for more space and more affordable hous...
Canadian Housing Starts (December 2020)
Posted on Jan 18, 2021 in Economics
Canadian housing starts decreased by 12.6% m/m to 228,279 units in December at a seasonally adjusted annual rate (SAAR), following a strong increase of 14% in the previous month. Housing starts decreased in 8 of 10 provinces with the largest decline in Manitoba (-40.5%). Building activity declined in both the single-detached (-6.2%) and multi-unit...Record December Canadian Housing Market Caps Record Year
Posted on Jan 15, 2021 in Market Update
2020 Was a Blockbuster Year for Housing
Despite the fears leading into the pandemic last Spring, 2020 marked a record number of home resales as new listings lagged and prices climbed. December housing data released by the Canadian Real Estate Association (CREA) today shows national home sales surged 7.2% month-over-month (m-o-m) at a time of the yea...
Strong December Home Sales Close Out an Unprecedented Year
Posted on Jan 13, 2021 in Market Update
The British Columbia Real Estate Association (BCREA) reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019. The annual average MLS® residential price in BC was $782,027, an 11.7 per cent increase from $700,369 recorded the...